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San Juan Basin Royalty Trust Declares Monthly Cash Distribution

Compass Bank, as Trustee of the San Juan Basin Royalty Trust (NYSE: SJT),
today declared a monthly cash distribution to the holders of its Units
of beneficial interest of $1,297,173.73 or $0.027831 per Unit, based
principally upon production during the month of May 2016. The
distribution is payable August 12, 2016, to Unit Holders of record as of
July 29, 2016.

Gas production for the properties from which the royalty was carved (the
"Underlying Properties") totaled approximately 2,361,524 Mcf (2,616,925
MMBtu). Dividing revenues by production volume yielded an average gas
price for May 2016 of $1.66 per Mcf ($1.50 per MMBtu) as compared to
$1.32 per Mcf ($1.19 per MMBtu) for April 2016.

The average monthly gas price Burlington reports to the Trust is a
calculated price. It is determined by dividing gross monthly revenue by
production volume, and therefore, it does not represent an average of
actual sales prices. The average gas price may vary from the posted
index price for the San Juan Basin. The index price is a gross sales
price, and the revenues used in the calculation of average gas prices
are net of transportation, processing and gathering costs. Furthermore,
the distribution to the Trust in any given month may include significant
volume adjustments for sales in prior months that reflect pricing for
those prior months. Capital costs for the month were $60,104. Lease
operating expenses were $1,860,115 and taxes were $490,893. The amount
of royalty income payable to the Trust in July included $161,794 in
interest for a granted audit exception.